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  • Spouse Retirement Fund Options

    I'm a W2 employee who's retirement allocation goes into a well-matched 403b maxed at 53k a year.

    My wife had been a W2 employee in a part-time position, who maxed out her 403b and the marginal match her employer gave.

    Additionally, we have a SEP-IRA (rolling into a solo 401 now...) from prior moonlighting work, some ROTH's from previous years backdoor, and a lot of investments in taxable accounts since we've maxed the available retirement accounts.  We have 538s for the kids, and currently don't have an HSA as our insurance options don't allow it, but likely will in 1-2 more years.

     

    With that background, my wife has transitioned to a new position in her company-- she is still a W2 employee, but is considered a consultant and works too few hours to have access to any of their retirement accounts (401, 403). Since this is part time work, its not millions of dollars-- but we always enjoyed throwing a lot of her income into tax-protected accounts.  I actually expected her to be a 1099 employee and thus able to use a SEP-IRA or solo 401, but they insist she's a W2 with no benefits.

    Is there anyway to take her income and place it in some type of tax-advantaged account? Aside from using it to backdoor roth annually?

    Thanks for the input!

    J

  • #2
    Just curious - if you don't have IC work now, how do you qualify to set up a SOLO-k?

    I don't have a handy solution for a simple tax-advantaged account. Read my article, 10 Reasons You Need a Taxable Investment Account, though. Maybe it will help!
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      I still occasionally do IC work, just not much.  Once upon a time is was a significant source of income.

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      • #4
        Ah, I see. Are you funding a SOLO-k with your own IC income? Home office a possibility?
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #5
          How did you manage not to pay extra penalties on your backdoor Roth contributions while having a SEP-IRA?  Or did you just pay the pro-rata penalty?

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